Here are two followups to two (unrelated) posts.

Update to What Really Happened To The Economy?

Michale Lewis, who wrote Liar’s Poker has an article on Conde Nast Portfolio.com with an inside story about what went wrong and why. You’ll be shocked, SHOCKED, to know that there was greed, short term thinking and stupidity on Wall Street. It’s not nearly as positive as Warren Buffet’s take, but I’m not sure how much difference that makes to the ultimate question of what do you do now.

Update to What to do When the Excrement Hits the Air Velocity Accelerator.

Here’s an article by Ram Charan about the opportunities that arise in bad economic times. It was written about different bad economic times but the lessons till apply.

Ram Charan is a pretty smart guy. Every book of his that I’ve read I’ve found to be useful. However, he works mostly with large companies. They have more reserves than small companies so can do more things in a recession. Still, you can can do more than you think if you try hard. And one lesson is build up reserves in the good times.

Takeaway: (same as last time)

• Plan for the world not to end. If it doesn’t you’ll be in better shape for planning and if it does, your planning won’t matter anyway.

[tags] economy, small business, ceo, entrepreneur [/tags]